UK Fintech ePayments Closing After Anti-Crime Controls Probe (1)

EPayments Systems Ltd., a UK electronic payments company that’s been under regulatory scrutiny for years over its anti-crime controls, is closing down.

The London-based firm, which deals in prepaid cards and electronic wallets and had almost £180 million ($211 million) in client funds at its peak, has begun the process of entering into an “orderly, solvent wind-down,” according to a statement on its website. The Financial Conduct Authority forced ePayments to freeze operations in early 2020 and the closely held firm had been working to improve its anti-crime controls since then, filings show.

“We can no longer sustain ...